British retailer BHS to close all stores

U.K. retailer BHS announced it would close all 164 stores after 88 years in business, after it failed to find a buyer and map a path to solvency.

BHS entered "administration" (the U.K. version of bankruptcy) in April, and while a number of offers were received for parts of the business, liquidation of assets will begin.

Founded in 1928 as British Home Stores, BHS has a storied past and was recently bought by Retail Acquisitions, led by former racing driver Dominic Chappell, who had no previous retail experience.  

Chappell said the news was "devastating" and that he was "deeply sorry it has happened," reported The Telegraph.

The announcement comes on the heels of another U.K. merchant closing shop: Austin Reed said it would shutter all 120 stores by the end of June.

For more:
- see this Telegraph article

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